Gold futures rose to a record $1,500.50 an ounce as U.S. debtconcerns weighed on the dollar, boosting demand for the precious metal as an alternative investment.
The greenback dropped against the euro on speculation that theEuropean Central Bank will continue to raise borrowing costs as some nations struggle to contain sovereign debt. Standard & Poor’s yesterday revised its long-term outlook of U.S. debt to negative from stable. Before today, gold climbed 31 percent in the past year, and silver prices doubled.
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